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Real Estate in Valencia

Valencia is one of the most popular tourist regions in Spain. It is logical to suppose that it should be the most expensive market of real estate in the country. But it isn’t. It follows a middle course. Today the average cost per square meter of real estate is about 2000 euro. The same price per square meter is in Andaluzia and Murcia.

Nevertheless Valencia is the third region in Spain taking into account the growth of prices of real estate. That is why it is possible that in the nearest future it will be very difficult to buy dwellings at reasonable price there.

There are no restrictions for foreigners to buy dwellings in Valencia. It means that each tourist has a potential opportunity to become not only a guest but an owner there as well. Many tourists use this opportunity. It is interesting that modern Valencia is divided into national priority zones. For example, the most famous resort Benidorm in Alicante is considered to be a private domain of the British: there is a whole district in the place bought by the people of Albion. Englishmen were the first tourists in Valencia and they compose the main group of the owners of real estate on the coast. The British possess 29% of all dwellings belonging to foreigners. The next are Germans. They have 28%. The third “national minority” is going to be so called “Russian oil magnates”. For the last ten years the number of people from Russia owning apartments, hotels, shops and disco clubs in Valencia has grown several times. Some of the resorts of Costa Blanca and Costa Azahar, for example Torihuela, are called now “Spanish Sochie”.

It is fashionable nowadays for Europeans and Americans to have villas on the Mediterranean coast. That is why the agiotage round Valencia has been growing lately. That is why the specialists say that the real estate in Valencia is not going to be rather cheap for long. They say that in the nearest years the prices for dwellings in Valencia are going to grow 5-15% per year. But Valencia has advantages to compare it with its competitors. For example in France and Italy 2/3 of the coastal territories have already been built on. In Valencia this figure is less than a half (1/2). Besides the region is becoming more and more popular because of the great sporting events such as American Cup Regatta, World Championship of Track and Field Athletics and Formula I Motor-Racing. The opening of such gigantic entertaining centres as Terra Mitica Park near Benidorm and the City of Science and Art in Valencia also guarantees great interest and popularity among tourists and dealers.